Tata Steel (TATASTEEL) AGM 2024 summary

Opening remarks and agenda

• The 117th Annual General Meeting was held on July 15, 2024, via audio-visual means, with safety protocols and participation guidelines explained for remote shareholders.

• Quorum was confirmed, directors and key union representatives were introduced, and the meeting was called to order.

• Statutory auditors, cost auditors, and company secretaries were present, and the meeting complied with regulatory requirements.

Financial performance review

• Consolidated revenue for FY24 was Rs 2,29,171 crore, EBITDA Rs 23,402 crore, and reported PAT at (4,910) crore, impacted by European operational challenges and impairment charges.

• Standalone revenue for FY24 was INR 1,40,987 crore, with EBITDA at INR 31,004 crore and PAT at INR 4,807 crore.

• Crude steel production totaled 29.9 million tons; PAT before exceptional items was Rs 2,904 crore.

• Total shareholder returns outperformed Nifty 50 and Sensex over 5, 10, and 25 years.

• Dividend of INR 3.60 per share was recommended for FY24.

Board and executive committee updates

• Directors introduced themselves, highlighting roles in key committees such as Audit, Risk Management, CSR, and Safety.

• Leadership committed to safety, with zero harm initiatives and integrated safety performance index.

• Talent integration post-merger, skill development, and diversity initiatives, including onboarding women and transgenders in mining.